Daratumumab

2025 First-Quarter reported sales growth of 2.4% to $21.9 Billion with operational growth of 4.2%* and adjusted operational growth of 3.3%* 2025 First-Quarter earnings per share (EPS) increased to $4.54 which includes the reversal of special charges and adjusted EPS increased to $2.77 or 2.2%* Significant new product pipeline progress including approval of TREMFYA in Crohn’s disease, data for RYBREVANT/LAZCLUZE overall survival in non-small cell lung cancer and icotrokinra in plaque psoriasis, and initiation of the clinical trial for a general surgery robotic system, OTTAVA Company increases Full-Year 2025 operational sales2,5 guidance to reflect the addition of CAPLYTA following the completion of the Intra-Cellular Therapies acquisition Including tariff costs, dilution from the Intra-Cellular Therapies acquisition, and updated foreign exchange, Company maintains Full-Year 2025 adjusted reported EPS4 outlook of 6.2%* growth at the mid-point NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2025. “The power of Johnson & Johnson’s uniquely diversified portfolio was on full display this quarter, with strong operational sales growth reinforcing our confidence in 2025 guidance,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “During the quarter, we fortified our position as an innovation powerhouse with major advancements across our pipeline, including TREMFYA in IBD, RYBREVANT plus LAZCLUZE in non-small-cell lung cancer, and OTTAVA, our soft tissue surgical robotic system, and further enhanced our leading neuroscience portfolio with the completion of the Intra-Cellular Therapies acquisition.” Overall financial results Q1 ($ in Millions, expect EPS) 2025 2024 % Change Reported Sales $21,893 $ 21,383 2.4% Net Earnings $10,999 $3,255 237.9% EPS (diluted) $4.54 $1.34 238.8% Q1 Non-GAAP* ($ in Millions, except EPS) 2025 2024 % Change Operational Sales1,2 4.2% Adjusted Operational Sales1,3 3.3% Adjusted Net Earnings1,4 $6,706 $6,580 1.9% Adjusted EPS (diluted)1,4 $2.77 $2.71 2.2% Free Cash Flow6,7 ~$3,400 $2,850 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 2 Excludes the impact of translational currency 3 Excludes the net impact of acquisitions and divestitures and translational currency 4 Excludes intangible amortization expense and special items 5 Excludes COVID-19 Vaccine 6 Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings. 7 First-quarter 2025 is estimated as of April 15, 2025 Regional sales results Q1 % Change ($ in Millions) 2025 2024 Reported Operational1,2 Currency Adjusted Operational1,3 U.S. $12,305 $11,620 5.9% 5.9 - 4.4 International 9,588 9,763 (1.8) 2.1 (3.9) 1.9 Worldwide $21,893 $21,383 2.4% 4.2 (1.8) 3.3 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 2 Excludes the impact of translational currency 3 Excludes the net impact of acquisitions and divestitures and translational currency Segment sales results Q1 % Change ($ in Millions) 2025 2024 Reported Operational1,2 Currency Adjusted Operational1,3 Innovative Medicine $13,873 $13,562 2.3% 4.2 (1.9) 4.4 MedTech 8,020 7,821 2.5 4.1 (1.6) 1.3 Worldwide $21,893 $21,383 2.4% 4.2 (1.8) 3.3 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 2 Excludes the impact of translational currency 3 Excludes the net impact of acquisitions and divestitures and translational currency First-Quarter 2025 segment commentary: Operational sales* reflected below excludes the impact of translational currency. Innovative Medicine Innovative Medicine worldwide operational sales grew 4.2%* driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, SPRAVATO in Neuroscience, and XARELTO in Cardiovascular/Metabolism/Other. Growth was partially offset by an approximate (810) basis points impact from STELARA in Immunology. MedTech MedTech worldwide operational sales grew 4.1%*, with net acquisitions and divestitures positively impacting growth by 2.8%. Growth was driven primarily by Abiomed in Cardiovascular and wound closure products in General Surgery. Growth was partially offset by Spine, Sports & Other in Orthopaedics. Full-year 2025 guidance: Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP. ($ in Billions, except EPS) April 2025 January 2025 Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point 2.0% – 3.0% / 2.5% 2.0% – 3.0% / 2.5% Operational Sales2,5 / Mid-point Change vs. Prior Year / Mid-point $91.6B – $92.4B / $92.0B 3.3% – 4.3% / 3.8% $90.9B – $91.7B / $91.3B 2.5% – 3.5% / 3.0% Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point $91.0B – $91.8B / $91.4B 2.6% – 3.6% / 3.1% $89.2B – $90.0B / $89.6B 0.5% – 1.5% / 1.0% Adjusted Operational EPS (Diluted)2,4 / Mid-point Change vs. Prior Year / Mid-point $10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2% $10.75 – $10.95 / $10.85 7.7% – 9.7% / 8.7% Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point $10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2% $10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2% 1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures 2 Non-GAAP financial measure; excludes the impact of translational currency 3 Calculated using Euro Average Rate: April 2025 = $1.10 and January 2025 = $1.04 (Illustrative purposes only) 4 Non-GAAP financial measure; excludes intangible amortization expense and special items 5 Excludes COVID-19 Vaccine Other modeling considerations will be provided on the webcast. Notable announcements in the quarter: The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, and www.factsabouttalc.com. Regulatory European Commission approves subcutaneous RYBREVANT (amivantamab) for the treatment of patients with advanced EGFR-mutated non-small cell lung cancer1 Press Release European Commission approves Johnson & Johnson’s subcutaneous DARZALEX (daratumumab)-based quadruplet regimen for the treatment of patients with newly diagnosed multiple myeloma, regardless of transplant eligibility1 Press Release U.S. FDA approves TREMFYA (guselkumab), the first and only IL-23 inhibitor offering both subcutaneous and intravenous induction options, for adult patients with moderately to severely active Crohn's disease Press Release Nipocalimab, the first and only investigational treatment to be granted U.S. FDA Breakthrough Therapy designation for the treatment of adults with moderate-to-severe Sjögren's disease, has now received Fast Track designation Press Release Data Releases Johnson & Johnson MedTech Announces Completion of First Cases with OTTAVA Robotic Surgical System1 Press Release Icotrokinra results show 75% of adolescents with plaque psoriasis achieved completely clear skin and demonstrate favorable safety profile in a once daily pill1 Press Release Johnson & Johnson highlights new data that showcase the strength of nipocalimab, demonstrating long-term sustained disease control in adults living with generalized myasthenia gravis (gMG)1 Press Release TREMFYA (guselkumab) is the first and only IL-23 inhibitor to significantly reduce both the signs and symptoms and the progression of structural damage in adults living with active psoriatic arthritis1 Press Release Johnson & Johnson MedTech to Highlight Latest Advancements in Heart Disease Treatment with Impella at ACC.25 Press Release RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) outperforms osimertinib with a significant and unprecedented overall survival benefit in patients with EGFR-mutated non-small cell lung cancer Press Release New nipocalimab data and real-world research at AAN 2025 highlight positive Phase 3 results and commitment to people living with generalized myasthenia gravis (gMG) Press Release RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) significantly outperforms standard of care in first-line EGFR-mutated lung cancer with compelling new data at ELCC 2025 Press Release Johnson & Johnson MedTech Showcases New Era of Digital Orthopaedics at AAOS 2025 Press Release Icotrokinra meets primary endpoint of clinical response in ulcerative colitis study and shows potential to transform the treatment paradigm for patients Press Release Icotrokinra results show potential to set a new standard of treatment in plaque psoriasis Press Release TREMFYA (guselkumab) subcutaneous (SC) induction data support potential to be the first and only in its class to offer the option of both intravenous and SC induction therapy in ulcerative colitis Press Release New nipocalimab data published in mAbs journal details differentiated molecular design, clinical profile and potential of nipocalimab to treat IgG-driven alloantibody and autoantibody diseases Press Release Findings from pivotal nipocalimab Phase 3 study in a broad antibody positive population of people living with generalized myasthenia gravis (gMG) published in The Lancet Neurology Press Release Product Launch Shockwave Medical Launches Novel Forward Intravascular Lithotripsy Platform in U.S. to Transform Treatment of Difficult-to-Cross Calcified Lesions Press Release Other Johnson & Johnson Closes Landmark Intra-Cellular Therapies, Inc. Acquisition to Solidify Neuroscience Leadership1 Press Release Johnson & Johnson to Return to Tort System to Defeat Meritless Talc Claims1 Press Release Johnson & Johnson Increases U.S. Investment to More than $55 Billion Over the Next Four Years Press Release Johnson & Johnson Announces Darren Snellgrove as Vice President, Investor Relations Press Release Webcast information: Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company's website at events-and-presentations. About Johnson & Johnson: At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at www.jnj.com. Non-GAAP financial measures: * “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website at quarterly results. Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations section of the company's website at quarterly results. Note to investors concerning forward-looking statements: This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations or changes to applicable laws and regulations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; and increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. Percent Change 2025 2024 Total Operations Currency $ 8,092 7,612 6.3 % 6.3 - 5,781 5,950 (2.9 ) 1.5 (4.4 ) 13,873 13,562 2.3 4.2 (1.9 ) 4,213 4,008 5.1 5.1 - 3,807 3,813 (0.2 ) 3.0 (3.2 ) 8,020 7,821 2.5 4.1 (1.6 ) 12,305 11,620 5.9 5.9 - 9,588 9,763 (1.8 ) 2.1 (3.9 ) $ 21,893 21,383 2.4 % 4.2 (1.8 ) Percent Change 2025 2024 Total Operations Currency $ 12,305 11,620 5.9 % 5.9 - 5,110 5,163 (1.0 ) 2.2 (3.2 ) 1,167 1,194 (2.3 ) 9.2 (11.5 ) 3,311 3,406 (2.8 ) (0.6 ) (2.2 ) 9,588 9,763 (1.8 ) 2.1 (3.9 ) $ 21,893 21,383 2.4 % 4.2 (1.8 ) 2025 2024 Percent Percent Percent Increase Amount to Sales Amount to Sales (Decrease) $ 21,893 100.0 $ 21,383 100.0 2.4 7,357 33.6 6,511 30.4 13.0 14,536 66.4 14,872 69.6 (2.3 ) 5,112 23.3 5,257 24.6 (2.8 ) 3,225 14.7 3,542 16.6 (8.9 ) (128 ) (0.6 ) (209 ) (1.0 ) (7,321 ) (33.4 ) 2,404 11.2 17 0.1 164 0.8 13,631 62.3 3,714 17.4 267.0 2,632 12.1 459 2.2 473.4 $ 10,999 50.2 $ 3,255 15.2 237.9 $ 4.54 $ 1.34 238.8 2,423.8 2,430.1 19.3 % 12.4 % $ 8,011 36.6 $ 7,877 36.8 1.7 $ 6,706 30.6 $ 6,580 30.8 1.9 $ 2.77 $ 2.71 2.2 16.3 % 16.5 % 2025 2024 $10,999 $3,255 (6,966) 2,726 1,120 1,078 55 171 132 148 39 (20) - 51 - 9 1,315 (856) 12 18 $6,706 $6,580 2,423.8 2,430.1 $2.77 $2.71 $2.81 1 2 2.3% 2.5% 2.4% 6.3% 5.1% 5.9% (2.9)% (0.2)% (1.8)% (1.9) (1.6) (1.8) - - - (4.4) (3.2) (3.9) 4.2% 4.1% 4.2% 6.3% 5.1% 5.9% 1.5% 3.0% 2.1% (3.3) (1.2) (5.1) (1.8) (1.4) (0.5) 0.2 0.5 0.3 0.0 0.9 0.3 0.4 0.2 0.3 4.4% 1.3% 3.3% 6.3% 0.9% 4.4% 1.9% 1.8% 1.9% REPORTED SALES vs. PRIOR PERIOD ($MM) 2025 2024 Reported Operational (1) Currency $ 3,013 2,383 26.4 % 26.4 % - 2,664 2,430 9.6 % 14.4 % -4.8 % 5,678 4,814 17.9 % 20.4 % -2.5 % 318 140 * * - 51 16 * * * 369 157 * * * 1,829 1,464 24.9 % 24.9 % - 1,409 1,228 14.7 % 19.8 % -5.1 % 3,237 2,692 20.3 % 22.5 % -2.2 % 292 285 2.5 % 2.5 % - 479 404 18.5 % 23.1 % -4.6 % 771 689 11.9 % 14.6 % -2.7 % 235 265 -11.5 % -11.5 % - 474 518 -8.5 % -4.2 % -4.3 % 709 784 -9.5 % -6.7 % -2.8 % 113 36 * * - 28 11 * * * 141 47 * * * 68 50 35.2 % 35.2 % - 18 8 * * * 86 58 48.4 % 50.2 % -1.8 % 105 101 4.9 % 4.9 % - 46 33 38.8 % 45.9 % -7.1 % 151 133 13.3 % 15.0 % -1.7 % 7 9 -24.3 % -24.3 % - 118 172 -31.3 % -28.5 % -2.8 % 125 181 -30.9 % -28.3 % -2.6 % 47 33 42.9 % 42.9 % - 42 41 4.6 % 10.1 % -5.5 % 89 73 21.7 % 24.7 % -3.0 % REPORTED SALES vs. PRIOR PERIOD ($MM) 2025 2024 Reported Operational (1) Currency 2,196 2,453 -10.5 % -10.5 % - 1,510 1,794 -15.8 % -11.5 % -4.3 % 3,707 4,247 -12.7 % -10.9 % -1.8 % 314 266 18.1 % 18.1 % - 10 27 -64.2 % -64.2 % - 143 141 1.3 % 6.8 % -5.5 % 467 434 7.5 % 9.3 % -1.8 % 292 254 14.8 % 14.8 % - 366 299 22.4 % 29.7 % -7.3 % 659 554 18.9 % 22.9 % -4.0 % 981 1,396 -29.8 % -29.8 % - 644 1,055 -38.9 % -35.8 % -3.1 % 1,625 2,451 -33.7 % -32.3 % -1.4 % 599 509 17.6 % 17.6 % - 356 299 19.2 % 24.4 % -5.2 % 956 808 18.2 % 20.1 % -1.9 % 1 0 * * - 0 0 - - - 1 0 * * - 968 1,054 -8.1 % -8.1 % - 679 749 -9.3 % -5.5 % -3.8 % 1,647 1,803 -8.6 % -7.0 % -1.6 % 38 41 -7.4 % -7.4 % - 110 136 -18.9 % -15.2 % -3.7 % 148 177 -16.3 % -13.4 % -2.9 % 625 765 -18.2 % -18.2 % - 277 292 -4.9 % -1.1 % -3.8 % 903 1,056 -14.5 % -13.5 % -1.0 % 276 191 45.0 % 45.0 % - 43 34 25.0 % 31.7 % -6.7 % 320 225 41.9 % 42.9 % -1.0 % 28 58 -50.6 % -50.6 % - 248 287 -13.4 % -9.8 % -3.6 % 277 345 -19.6 % -16.7 % -2.9 % REPORTED SALES vs. PRIOR PERIOD ($MM) 2025 2024 Reported Operational (1) Currency 744 766 -2.9 % -2.9 % - 281 283 -0.6 % 3.2 % -3.8 % 1,025 1,049 -2.3 % -1.2 % -1.1 % 363 356 2.1 % 2.1 % - 159 169 -6.0 % -2.5 % -3.5 % 522 524 -0.5 % 0.6 % -1.1 % 365 392 -6.9 % -6.9 % - 86 76 13.4 % 17.5 % -4.1 % 451 468 -3.6 % -2.9 % -0.7 % 15 18 -12.7 % -12.7 % - 37 39 -4.6 % -0.3 % -4.3 % 52 56 -7.2 % -4.3 % -2.9 % 315 324 -2.8 % -2.8 % - 487 497 -1.9 % 1.9 % -3.8 % 802 821 -2.2 % 0.1 % -2.3 % 8 8 -1.3 % -1.3 % - 350 315 11.0 % 14.7 % -3.7 % 358 323 10.7 % 14.3 % -3.6 % 305 314 -2.9 % -2.9 % - 98 104 -6.2 % -0.6 % -5.6 % 403 418 -3.7 % -2.3 % -1.4 % 2 2 7.7 % 7.7 % - 39 77 -48.8 % -47.0 % -1.8 % 41 78 -47.6 % -45.9 % -1.7 % 855 631 35.4 % 35.4 % - 158 197 -19.7 % -15.3 % -4.4 % 1,013 829 22.3 % 23.4 % -1.1 % 690 518 33.3 % 33.3 % - - - - - - 690 518 33.3 % 33.3 % - 165 114 45.0 % 45.0 % - 158 197 -19.7 % -15.3 % -4.4 % 323 311 3.9 % 6.7 % -2.8 % 8,092 7,612 6.3 % 6.3 % - 5,781 5,950 -2.9 % 1.5 % -4.4 % $ 13,873 13,562 2.3 % 4.2 % -1.9 % REPORTED SALES vs. PRIOR PERIOD ($MM) FIRST QUARTER % Change 2025 2024 Reported Operational (1) Currency $ 1,261 1,025 23.0 % 23.0 % - 842 781 7.8 % 10.7 % -2.9 % 2,103 1,806 16.4 % 17.7 % -1.3 % 684 692 -1.1 % -1.1 % - 638 652 -2.0 % 0.7 % -2.7 % 1,323 1,344 -1.6 % -0.2 % -1.4 % 339 303 11.9 % 11.9 % - 81 67 19.7 % 23.6 % -3.9 % 420 371 13.3 % 14.0 % -0.7 % 206 - * * - 52 - * * - 258 - * * - 32 30 7.1 % 7.1 % - 72 62 15.1 % 17.4 % -2.3 % 103 92 12.5 % 14.1 % -1.6 % 1,384 1,448 -4.4 % -4.4 % - 857 892 -3.9 % -0.9 % -3.0 % 2,241 2,340 -4.2 % -3.1 % -1.1 % 263 270 -2.5 % -2.5 % - 146 152 -4.0 % -0.8 % -3.2 % 409 422 -3.1 % -1.9 % -1.2 % 231 242 -4.3 % -4.3 % - 158 160 -1.0 % 2.1 % -3.1 % 389 401 -3.0 % -1.7 % -1.3 % 502 504 -0.5 % -0.5 % - 270 261 3.7 % 7.2 % -3.5 % 772 765 0.9 % 2.1 % -1.2 % 388 432 -10.2 % -10.2 % - 283 320 -11.6 % -8.9 % -2.7 % 671 752 -10.8 % -9.7 % -1.1 % REPORTED SALES vs. PRIOR PERIOD ($MM) FIRST QUARTER % Change 2025 2024 Reported Operational (1) Currency 1,002 987 1.5 % 1.5 % - 1,394 1,429 -2.5 % 0.8 % -3.3 % 2,396 2,416 -0.8 % 1.1 % -1.9 % 457 446 2.7 % 2.7 % - 616 641 -4.0 % -1.0 % -3.0 % 1,073 1,087 -1.2 % 0.5 % -1.7 % 544 542 0.5 % 0.5 % - 778 788 -1.2 % 2.3 % -3.5 % 1,323 1,330 -0.5 % 1.6 % -2.1 % 566 547 3.4 % 3.4 % - 713 710 0.4 % 3.9 % -3.5 % 1,279 1,258 1.7 % 3.7 % -2.0 % 452 438 3.1 % 3.1 % - 467 472 -1.1 % 2.4 % -3.5 % 919 910 1.0 % 2.7 % -1.7 % 114 110 4.3 % 4.3 % - 246 238 3.4 % 7.1 % -3.7 % 361 348 3.7 % 6.2 % -2.5 % 4,213 4,008 5.1 % 5.1 % - 3,807 3,813 -0.2 % 3.0 % -3.2 % $ 8,020 7,821 2.5 % 4.1 % -1.6 % 2023 2024 2024 Full Year Q1 Q2 Q3 Q4 Full Year 66 36 52 68 101 257 27 11 17 21 21 70 93 47 69 89 122 327 56 50 59 64 68 241 7 8 9 12 17 46 63 58 69 75 85 287 93 33 37 36 39 145 235 41 45 50 36 172 328 73 83 86 75 317 1,292 356 376 417 408 1,557 681 169 171 166 162 668 1,973 524 548 583 570 2,225 79 18 17 21 19 75 182 39 49 39 38 165 260 56 67 60 57 240 19 2 5 3 1 11 1,395 77 227 54 43 401 1,414 78 233 56 45 412 First Quarter March 30, 2025 GAAP Intangible asset amortization Litigation related Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Tax legislation and other tax related First Quarter March 30, 2025 Non-GAAP $ 4,020 (649 ) 3,371 2,261 2,261 2,548 2,548 (166 ) - - - (20 ) (18 ) - (204 ) 5,210 649 - - 20 18 - 5,897 First Quarter March 30, 2025 GAAP Intangible asset amortization Litigation related Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Tax legislation and other tax related First Quarter March 30, 2025 Non-GAAP $ 3,326 (471 ) (8 ) (52 ) 2,795 2,656 2,656 677 (6 ) 671 (60 ) - - (47 ) (54 ) (21 ) - (182 ) 1,421 471 - 55 112 21 - 2,080 First Quarter March 30, 2025 GAAP Intangible asset amortization Litigation related Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Tax legislation and other tax related First Quarter March 30, 2025 Non-GAAP $ 11 11 195 195 - (7,206 ) - 6,966 - - - - (240 ) 7,000 - (6,966 ) - - - - 34 First Quarter March 30, 2025 GAAP Intangible asset amortization Litigation related Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Tax legislation and other tax related First Quarter March 30, 2025 Non-GAAP $ 7,357 (1,120 ) (8 ) (52 ) - 6,177 5,112 5,112 3,225 (6 ) 3,219 (7,321 ) - 6,966 (30 ) (74 ) (39 ) (498 ) - - (128 ) (128 ) 17 (17 ) - 13,631 1,120 (6,966 ) 55 132 39 - 8,011 2,632 188 (1,553 ) 11 30 9 (12 ) 1,305 10,999 932 (5,413 ) 44 102 30 12 6,706 $ 3,370 (698 ) (2 ) 2,670 2,438 2,438 2,896 (7 ) 2,889 (111 ) (144 ) (47 ) 55 (247 ) 4,969 698 - 144 47 (55 ) - 9 - 5,812 $ 3,120 (380 ) (7 ) (20 ) 2,713 2,582 (4 ) 2,578 646 (18 ) (27 ) 601 (47 ) (20 ) (43 ) (22 ) (132 ) 1,520 380 - 27 61 22 51 - - 2,061 $ 21 21 237 237 - - 2,517 (2,726 ) (40 ) (13 ) (262 ) (2,775 ) - 2,726 - 40 13 - - - 4 $ 6,511 (1,078 ) (7 ) (20 ) (2 ) 5,404 5,257 (4 ) 5,253 3,542 (18 ) (27 ) (7 ) 3,490 2,404 (2,726 ) (130 ) 20 (432 ) - - (209 ) (209 ) 164 (164 ) - 3,714 1,078 2,726 171 148 (20 ) 51 9 - 7,877 459 148 627 39 38 (7 ) 9 2 (18 ) 1,297 3,255 930 2,099 132 110 (13 ) 42 7 18 6,580 Media contact: media-relations@its.jnj.com Investor contact: investor-relations@its.jnj.com

Our analysis of February data reveals key trends in global clinical-stage biopharmaceutical financing. For contextual understanding, we recommend beginning with the following article. Highlights of February 2025: Biopharmaceutical Clinical-Stage Drug Investment, Financing, and Collaboration Deals (1) 11. Kyorin and Cyrano Therapeutics Enter into an Option Agreement for the Development and Commercialization of CYR-064 in Japan On February 14, 2025, Kyorin Pharmaceutical Co., Ltd. and Cyrano Therapeutics, Inc. announced the signing of an option agreement for the novel drug CYR-064, which is designed to treat hyposmia following viral infections. Under the terms of this agreement, Kyorin has obtained the rights to develop and commercialize CYR-064 in Japan and will pay an option fee. Once the option is exercised and a licensing agreement is signed, Kyorin will also provide Cyrano with an upfront payment, milestone payments based on development and commercialization progress, and royalties calculated as a percentage of net sales after the product is launched. CYR-064 is a patented intranasal formulation of theophylline, a broad-spectrum phosphodiesterase inhibitor (PDEi), which increases intracellular cAMP levels by inhibiting cAMP degradation, thereby enhancing the excitability of olfactory neurons. This provides a potential therapeutic pathway for treating hyposmia following viral infections and other olfactory disorders. Currently, CYR-064 is undergoing a Phase II clinical trial in the United States, with trial data expected in the second half of 2025. Guided by its long-term vision "Vision 110," Kyorin Pharmaceutical is committed to creating high-value new drugs that meet medical needs. By actively leveraging open innovation strategies, Kyorin plans to continuously launch new drugs. This collaboration with Cyrano is part of its strategic implementation, aiming to accelerate the development and commercialization of CYR-064 in the Japanese market to address unmet medical needs. For the fiscal year ending in March 2025, this agreement is not expected to have a significant impact on Kyorin's business performance. However, with further development of CYR-064 and its potential market success, Kyorin anticipates positive financial returns in the coming years. Meanwhile, this collaboration also opens up new prospects for finding effective treatments for hyposmia following viral infections on a global scale. 12. Royalty Pharma Invests $250 Million to Support Biogen's Lupus Drug Litifilimab Development Royalty Pharma has entered into a $250 million agreement with Biogen to support the development of Biogen's late-stage experimental lupus drug litifilimab. Under the terms of the agreement, Biogen will receive this amount over the next six quarters. In return, if the drug achieves specific regulatory milestones, Royalty Pharma will receive undisclosed milestone payments and a mid-single-digit royalty on global sales. This transaction not only enhances Royalty Pharma's product portfolio but also brings more opportunities for potential revenue. Litifilimab is an anti-BDCA2 antibody currently in Phase III trials for systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE). The drug has demonstrated significant reduction in skin disease activity in the Phase II LILAC study, showing effective relief of skin symptoms in CLE patients compared to the placebo group at the primary endpoint. If approved by 2030, litifilimab is projected to achieve up to $750 million in global sales. This potential allows Biogen to use the funds to further advance its development process. Currently, the SLE market is dominated by generic drugs, with only a few targeted biologics approved by the U.S. Food and Drug Administration (FDA) in the past fifty years, such as GSK's Benlysta (belimumab) and AstraZeneca's Saphnelo (anifrolumab). In contrast, the CLE market is even more innovation-starved, with this form of lupus primarily affecting the skin, causing inflammation, rashes, and lesions. The successful development of litifilimab could change this status quo and provide new treatment options for patients. 13. Tivic Health Acquires Statera Biopharma's TLR5 Agonist Entolimod™ to Expand Its Therapeutic Pipeline Tivic Health Systems, Inc. has announced the acquisition of global exclusive rights to the late-stage Toll-like receptor 5 (TLR5) agonist Entolimod™ from Statera Biopharma for the treatment of acute radiation syndrome (ARS). In addition, Tivic has obtained exclusive options for five additional indications and clinical uses of Entolimod and its derivative Entalasta™. This extensive licensing agreement transforms Tivic into a diversified therapeutic company with complementary bioelectronic and biologic candidates in its clinical pipeline. As the lead candidate in the licensed portfolio, Entolimod is a TLR5 agonist specifically designed for the treatment of ARS. According to data from market research firm CoherentMI, the global ARS market was valued at $5.2 billion in 2024 and is projected to grow at a compound annual growth rate of 5% from 2024 to 2031. Entolimod and its immune-optimized derivative Entalasta have undergone over forty animal and human trials and received approximately $140 million in investment. The FDA has granted Entolimod Fast Track and Orphan Drug designations for the prevention or treatment of ARS and to prevent death following a potentially lethal dose of total-body ionizing radiation after a radiological disaster. Animal studies for ARS have shown that a single dose of Entolimod administered 25 hours after exposure to a lethal level of radiation can triple survival rates. The drug is effective without additional supportive care, demonstrating gastrointestinal protective properties and no dose-limiting toxicity even at the highest doses. Other studies have also shown its potential in applications such as immunosenescence, lymphocyte exhaustion, neutropenia, vaccine enhancement, and chronic radiation syndrome. Under the agreement, Tivic will initially pay Statera $1.2 million in equity consideration and $300,000 in cash for the use of Entolimod in treating ARS. Tivic has the option to add one or more indications and expand its licensing scope to Entolimod's derivative Entalasta by exercising the exclusive options granted in the agreement. Future potential payments will be royalty and milestone-driven, ensuring alignment with the clinical and commercial success of Entolimod and subsequent Entalasta. The agreement structure allows Tivic to strategically manage its investment while maximizing shareholder returns. To establish Tivic's biopharmaceutical capabilities and advance the product candidates toward commercialization, some members of Statera's team will join Tivic. The transaction also includes exclusive rights and options to over sixty patents and pending patents, related proprietary technology, and ownership of previously manufactured and tested materials. Craft Capital Management LLC served as the sole investment banking firm in this deal. With these resources integrated, Tivic is steadily moving toward becoming a leading biotherapeutic company. 14. Oramed Pharmaceuticals Announces Formation of OraTech Pharmaceuticals to Accelerate Development and Commercialization of Oral Insulin Oramed Pharmaceuticals Inc., a clinical-stage pharmaceutical company focused on the development of oral drug delivery platforms, recently announced that it will transfer its proprietary Protein Oral Delivery (POD™) technology to a new joint venture, OraTech Pharmaceuticals Inc., through a definitive agreement. This move is aimed at accelerating the development and commercialization of Oramed's oral insulin ORMD-0801 and other innovative oral drug delivery technologies based on the POD™ platform. In this transaction, Oramed will transfer its proprietary oral insulin and POD™ technology, along with other pipeline assets, to OraTech. Oramed shareholders will receive a majority stake in the new entity, allowing them to directly participate in its future success. Additionally, under the terms of the agreement, Oramed and HTIT will jointly invest $75 million, with Oramed contributing $15 million and HTIT contributing $60 million. This funding will provide OraTech with the necessary resources to advance product development, commercialization, and clinical progress. OraTech will leverage HTIT's expertise in capsule manufacturing and cost-effective production capabilities to establish a robust, reliable, and scalable supply chain to support clinical trials and commercial efforts. HTIT will also provide a supply agreement for the oral insulin capsules. Furthermore, OraTech plans to relaunch the pivotal Phase III clinical trial in the United States and advance the registration of oral insulin in the U.S. and other countries. In China, OraTech will receive royalties from the sales of oral insulin, while HTIT will be responsible for submitting marketing authorization applications and preparing for commercialization. 15. AdvanCell and Eli Lilly Expand Collaboration to Advance Cancer Targeted Alpha Therapy On February 10, 2025, AdvanCell announced that its strategic partnership with Eli Lilly and Company has been further expanded. This collaboration aims to research and develop innovative treatments for various types of cancer. The partnership not only recognizes AdvanCell's leadership in the field of Pb-212 targeted alpha therapy but also lays the foundation for a long-term collaboration between the two companies. Under the new cooperation agreement, both parties will utilize AdvanCell's proprietary Pb-212 production technology and radiopharmaceutical development infrastructure, as well as Eli Lilly's drug candidates and extensive drug development experience, to jointly advance the development of more targeted alpha radiopharmaceutical therapies and accelerate their clinical progress. AdvanCell's technological advantages and its infrastructure established in Australia to expedite early clinical trials enable it to quickly move novel radiotherapeutic drugs containing Pb-212 from the discovery phase to clinical trials. AdvanCell is currently conducting a Phase I/II trial for ADVC001, a potentially best-in-class targeted alpha therapy for metastatic prostate cancer. The trial aims to assess the safety and efficacy of the Pb-212-based radiopharmaceutical therapy. The core product ADVC001 is designed to bind to PSMA (a cell surface target highly expressed in prostate cancer) and has demonstrated potential best-in-class characteristics in preclinical studies. This collaboration is expected to accelerate the development of ADVC001, bringing new hope to patients with prostate cancer. As the partnership between AdvanCell and Eli Lilly continues to deepen, both parties are committed to achieving new breakthroughs in cancer treatment. By integrating their respective strengths and technologies, the two companies will not only accelerate the clinical progress of existing projects but also potentially open up new therapeutic pathways. For cancer patients who do not respond well to traditional therapies, targeted alpha therapy offers a more precise and less side-effect-prone treatment option. In the future, with the emergence of more research results, it is expected that more patients will benefit from this innovative cancer treatment method. 16. OliX and Eli Lilly Reach Global Licensing Agreement to Develop New Therapies for MASH and Other Cardiometabolic Indications On February 10, 2025, OliX Pharmaceuticals announced a global licensing agreement with Eli Lilly and Company. This cooperation aims to jointly develop and commercialize OliX's OLX75016, a Phase I candidate drug primarily targeting metabolic-associated fatty liver hepatitis (MASH) and other cardiometabolic indications. Under the terms of the agreement, OliX will receive an upfront payment from Eli Lilly to support the ongoing Phase I clinical trial in Australia. OLX75016 originates from robust targets identified through genome-wide association studies (GWAS), a method that can identify genomic variations in large populations. In preclinical studies, OliX has demonstrated the efficacy of OLX75016 in treating MASH, liver fibrosis, and other cardiometabolic indications. Currently, OliX is developing OLX75016 as a novel therapy for MASH with liver fibrosis and other cardiometabolic conditions. OliX Pharmaceuticals is a clinical-stage pharmaceutical company focused on developing treatments for various diseases using its proprietary RNAi technology. The company's core RNAi platform—Asymmetric siRNA (asiRNA)—is a unique gene-silencing technology based on RNA interference (RNAi) and is considered one of the most effective gene-silencing technologies currently available. Using this proprietary asiRNA technology, OliX has developed cell-penetrating asiRNA (cp-asiRNA), a therapeutic RNAi platform that effectively targets diseases such as proliferative scar formation, dry and wet age-related macular degeneration (AMD), and subretinal fibrosis. In addition to cp-asiRNA, OliX has also developed another therapeutic RNAi platform, GalNAc-asiRNA, specifically for targeting various liver diseases. This collaboration with Eli Lilly not only advances the development of OLX75016 but also further solidifies OliX's position in the biopharmaceutical field, demonstrating its commitment to addressing unmet medical needs through innovative technologies. As research and development progresses, it is anticipated that more new therapies based on these advanced technologies will emerge, bringing hope to patients worldwide. 17. Kineta Restructures Portfolio Ahead of Merger with TuHURA Ahead of its merger with TuHURA Biosciences, Kineta has made significant adjustments to its portfolio. To streamline its investments, Kineta decided to sell its collaboration deals with Genentech and Merck & Co. to an investment company and transferred its pain treatment candidate drug KCP506 to Pacira Pharmaceuticals, while also terminating its cooperation agreement with GigaGen. TuHURA purchased Kineta for $15 million, with $5 million allocated to secure the exclusivity agreement. This acquisition enabled TuHURA to acquire Kineta's Phase II checkpoint inhibitor. In 2018, Genentech paid Kineta a $5 million upfront payment to obtain the rights to a small molecule modulator and set milestone payments of up to $96 million. The collaboration was expanded in 2020 to support the early development phase of a pain treatment candidate drug. On the other hand, Kineta inherited a collaboration with Merck from its merger with Yumanity Therapeutics, which obtained a preclinical drug candidate for amyotrophic lateral sclerosis (ALS) and frontotemporal dementia from Yumanity in 2020. In 2023, Kineta received a $5 million milestone payment from Merck, with up to $255 million still pending. KCP506 is an α9α10 nicotinic acetylcholine receptor (nAChR) antagonist that Kineta is developing for the treatment of chronic neuropathic pain. Kineta initiated a Phase II trial for this drug. Subsequently, Kineta agreed to sell KCP506 to Pacira Pharmaceuticals for $450,000, marking the end of Kineta's further development of KCP506. A subsidiary of HealthCare Royalty Partners, HCRX Investments Holdco, reached an agreement with Kineta covering Kineta's licensing deals with Genentech and Merck, as well as its role in an agreement with Fair Therapeutics related to cystic fibrosis. This move will help Kineta focus its resources on the development of other key projects. Finally, Kineta decided to terminate its option and licensing agreement with GigaGen, which originally granted Kineta the rights to a CD27 drug program. By terminating this agreement, Kineta not only returned all rights to GigaGen but also waived its obligation to pay a $180,000 fee. This strategic retreat allows Kineta to concentrate more on the upcoming merger and the development of its core business. 18. Fosun Pharma and Dr. Reddy's Reach Licensing Agreement for HLX15 in Europe and the U.S. On February 6, 2025, Fosun Pharma announced a licensing agreement with Dr. Reddy's Laboratories for HLX15, a biosimilar to daratumumab, an anti-CD38 monoclonal antibody under development. HLX15 is a recombinant human anti-CD38 monoclonal antibody injection intended for the treatment of multiple myeloma and other hematologic malignancies. Under the agreement, Dr. Reddy's will obtain exclusive commercialization rights to the drug in 43 countries and regions, including 42 European countries and the United States. The collaboration aims to expand the drug's market coverage and provide advanced biologics to more patients. According to the terms of the agreement, Fosun Pharma will be responsible for the development, production, and commercial supply of HLX15 and may receive up to $131.6 million in funding from Dr. Reddy's, including a $33 million upfront payment and additional milestone payments. Additionally, Fosun Pharma will receive royalties based on annual net sales. This arrangement not only provides Fosun Pharma with the necessary cash flow to support its ongoing research and development but also enhances its competitiveness in the global market. HLX15, as a biosimilar, primarily works by targeting and inhibiting the function of the CD38 protein to combat multiple myeloma. CD38 is a protein highly expressed on the surface of certain cancer cells, and monoclonal antibodies targeting it can effectively identify and destroy these cells while minimizing impact on normal tissues. Therefore, HLX15 is expected to become an important option for treating such diseases. 19. Relmada Therapeutics Acquires Potential Tourette Syndrome Therapy Sepranolone from Asarina Pharma AB On February 6, 2025, Relmada Therapeutics announced the acquisition of Sepranolone from Asarina Pharma AB, a therapeutic asset for Tourette Syndrome (TS) and other compulsive-related disorders, ready to enter Phase IIb clinical trials. Sepranolone (isoallopregnanolone) is a first-in-class GABAA modulatory steroid antagonist (GAMSA) that selectively acts on the GABAA pathway, aiming to counteract the effects of allopregnanolone on TS and other compulsive disorders. An open-label Phase IIa randomized study showed that Sepranolone has the potential to improve TS symptoms, as measured by changes in the Yale Global Tic Severity Scale (YGTSS). In the 12-week study, Sepranolone not only reduced the primary clinical endpoint of tic severity by 28% (p=0.051) compared to standard care alone but also achieved positive results in four key secondary endpoints, including a 69% improvement in quality of life, a 50% reduction in functional impairment, and a 44% reduction in premonitory urges. Additionally, the drug did not exhibit off-target central nervous system effects or systemic adverse effects, which is a significant advantage for central nervous system disorders requiring long-term use and potentially severe side effects. Under the terms of the agreement, Relmada acquired global ownership of Sepranolone from Asarina Pharma AB for €3 million, completing the transaction through an asset purchase agreement. This acquisition reflects Relmada's mission to find solutions for refractory central nervous system diseases and its strategic goal of enhancing shareholder value by identifying and developing innovative compounds. Relmada will continue to evaluate additional products and strategic opportunities and expects to update investors on the next steps for Sepranolone's development later in 2025. With further clinical data support, if Sepranolone successfully transitions to later-stage clinical trials and ultimately receives approval, it is expected to become one of the first-line treatments for Tourette Syndrome, bringing new hope to patients. 20. Acelyrin Terminates Izokibep Program, Affibody Regains Drug Development Rights In 2021, Acelyrin acquired the license for izokibep with a $25 million upfront payment and committed to milestone payments of up to $280 million. Izokibep is an IL-17A inhibitor with a molecular weight only about one-eighth that of a typical antibody, exhibiting extremely high affinity for IL-17A and capable of specifically binding to both subunits of IL-17A as well as albumin in the serum. However, less than two years later, despite raising $540 million through an initial public offering to fund the late-stage trials of izokibep across multiple indications, Acelyrin ultimately decided to cease investment in the drug. Izokibep achieved the primary endpoint in a Phase III clinical trial for the treatment of hidradenitis suppurativa (HS), demonstrating a 33% reduction in abscesses and inflammatory nodules by 75% or more in patients, compared to 21% in the placebo group. Despite these positive results, Acelyrin chose to discontinue investment in this indication. Additionally, after achieving success in psoriatic arthritis (PsA), Acelyrin also withdrew its investment, retaining only uveitis as the final active development area for izokibep. However, the Phase IIb/III trial in this area failed to meet its primary and secondary endpoints. With Inmagene Biopharmaceuticals terminating the agreement covering Asian countries, including China and South Korea, the responsibility for izokibep will now fall entirely on Affibody in Sweden. Affibody's CEO, David Bejker, stated that he believes his company can better capitalize on the potential of izokibep than its former partner, particularly in the field of dermatology and for patients severely affected by hidradenitis suppurativa. This indicates Affibody's confidence in the potential of its product and its determination to regain control of the project. 21. Vanda Pharmaceuticals and AnaptysBio Reach Global Exclusive Licensing Agreement for IL-36R Antagonist Imsidolimab On February 3, 2025, Vanda Pharmaceuticals and AnaptysBio announced a global exclusive licensing agreement for imsidolimab, an IL-36R antagonist monoclonal antibody. Imsidolimab has completed two pivotal global Phase III clinical trials for generalized pustular psoriasis (GPP) - GEMINI-1 and GEMINI-2, demonstrating good safety and efficacy. This drug balances the inflammatory response by inhibiting the function of the IL-36 receptor, which is particularly important for GPP patients caused by mutations in the IL36RN gene. Under the terms of the agreement, Vanda will pay AnaptysBio a $10 million upfront payment and $5 million for existing drug supplies. Additionally, AnaptysBio will be eligible for up to $35 million in future regulatory approval and sales milestone payments, as well as a 10% royalty on global net sales. In this transaction, Vanda has obtained the global exclusive rights to develop, produce, and commercialize imsidolimab. These funds will support further research and development efforts to ensure that imsidolimab can reach the market as soon as possible. In the Phase III clinical trial of GEMINI-1, 53% of patients receiving a 750 mg intravenous injection of imsidolimab achieved a GPP Physician's Global Assessment (GPPPGA) score of 0/1 (skin almost or completely clear) at week 4, compared to only 13% in the placebo group (p=0.0131). In the subsequent GEMINI-2 trial, all patients in the maintenance dose treatment group maintained a GPPPGA score of 0/1 without relapse, while 63% of patients in the placebo group experienced disease worsening. These results indicate that imsidolimab has significant efficacy for GPP. Summary The clinical-stage drug investment, financing, and collaboration transactions in February 2025 revealed several trends: First, capital continues to be optimistic about innovative drugs, especially those with breakthrough therapeutic potential, and is willing to invest substantial funds to support research and development. Second, antibody-drug conjugates (ADCs) have become one of the key areas of collaboration, demonstrating the global popularity of this technology platform. Lastly, Chinese pharmaceutical companies are not only seeking growth opportunities in the domestic market but also actively expanding into international markets, accelerating the global layout and commercialization of new drugs through licensing deals and other means. These dynamics indicate that, despite the many challenges facing the pharmaceutical industry, companies are actively exploring new development paths through capital injection and technological collaboration, aiming to gain a favorable position in global competition. How to get the latest progress on drug deals? If you would like to access the latest transaction event information, you can click on the 'Deal' module from the homepage of the Synapse database. Within the Deal module, you can search for global pharmaceutical transaction information using labels such as Drugs, Organization, Target, Drug Type, Deal Date.  Furthermore, you can obtain the original link to the transaction coverage by clicking on the "Deal Name." In the analysis view, you can see the most active assignors, assignees, popular targets, and other dimensions of analysis, as well as the distribution of research and development statuses at the time of the transaction, to help you better understand the search results. The Synapse database also supports the ability to view current transactions from the dimension of "drugs" (by selecting "drugs" from the "Adjust Dimension" dropdown menu above). Targeting transactions involving renowned pharmaceutical companies that are of interest to the industry, such as Merck, Roche, etc., Synapse has identified a group of "leading companies" through drugs that have achieved global sales exceeding 1 billion US dollars in 2022. Transactions involving drugs from these leading companies can be filtered by clicking on the "Leading Company" tag on the left-hand side. In addition to the drug transaction module, you can also view related transaction history on the drug detail page and the institution detail page. Click on the image below to explore new pharmaceutical funding transactions!